As the end of 2014 draws near, we wanted to take a moment and thank you for allowing us to hear and even participate in your story. Running a small business is not for the faint of heart. We see the time and energy you devote day in and day out. We hear the worry along with the excitement for the dream you are bringing to life. In the middle of all this hard work are the milestones that really count. Sure, there are the sales goals that you meet, but more important are the customers you help, the employees you empower to create a better life, and the difference you make in a community. Every day you are creating a story that is bigger than we often stop to think about.
Business Owner Newsletter - 2014 Archive
The holiday season is in full swing with Thanksgiving here in the United States being celebrated this past Thursday and the unofficial/official shopping season kicking off with Black Friday, Small Business Saturday, and Cyber Monday. There is no question that there is a lot happening during the next month; we do not believe the question is whether or not you will be busy during the season, rather, will you be busy doing what is needed to help grow your business?
Quote: ''Mobile is not the future, it is the now. Meet your customers in the environment of their choice, not where it's convenient for you." - Cyndie Shaffstall
Question: What do you need to do to ensure you are meeting your customers where they are at?
In today's society communication is definitely changing. There are newer methods that are picking up momentum in all demographics such as texting and email. People are becoming more impatient as they expect faster responses. We're connected to constant streams of information at all times, and somehow some way your business has to keep up. Thankfully there are apps out there that can help your business. These are just a few of the ones out there:
As a business owner, you have not just the holidays looming, but the oh so fun tax season. There's a lot to prepare if you're not already organized: expenses, donations, profit and loss statements, etc.. We've complied a short list of apps that are designed not just for taxes (though you'll be wishing you've used them all year), but for accounting in general. Remember, if these apps are not right for you take some time to search the Play store or Itunes for the right app.
There's an App for that! Join us throughout November as we look at apps (desktop and mobile) that small businesses owners should definitely know about.
Most business owners, and employees, have harsh feelings about tracking their time. There are a few who actually like it, though we have found when coaching our clients, most groan! We hear all sorts of excuses with one of the main ones being, "It takes me more time to track this then it does to do the work". And yet, as business coaches, we continue to assign this to clients, not because of some sick sense of humor, but because we know the value of tracking your time, IF done right.
Quote: "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." - Peter Drucker
Question: When thinking of building the value of your business, what opportunity for change do you see and how will you respond?
We have talked about the harsh reality of having a business of value and discussed what markets and buyers look for in a business of value. The next logical step is to discover what needs to be in place so your business, as it continues to mature, achieves steady growth, healthy cash flow, and the systemization that creates a business of real value. You could do an internet search and find any number of websites or individuals that can tell you how to create value in a business. The truth is, there is no one way to get it done but there are certain factors in a business of value that are consistent. This week we focus on three factors: Professional Advisors, Coaching, and Action.
Last week we talked about how many business owners bury their heads in the sand when it comes to placing a value on their business. This week we focus on where the 'sweat equity' can make a positive difference in the valuation of your business.The markets and buyers of the world are as diverse as the businesses. This leaves each market and buyer with its own set of criteria and perspective of what value look like. Taking into account those diverse perspectives, this week we look at three core attributes that nearly all buyers are interested in paying top dollar to obtain: Growth, Cash Flow, and Systemization.
You've built your business with a great deal of hard work, dedication, money, sacrifice, and plain old pig-headed determination. You are really good at what you do, and your business is known for the quality it provides. You have dozens, hundreds, maybe thousands of loyal customers who sing your praises and continue to buy your goods or use your services. You have loyal employees who have been with you for many, many years; and the business has given you and your family a decent living, in spite of some "ups and downs" over the years. You are now getting closer to the "reality of your mortality", the fact that eventually a transition is going to happen, voluntary or involuntary. But as Michael Gerber, best-selling author of the E-Myth books says, "The only sane reason to own a business is to sell it."